External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We reiterate our BUY rating on HPG and raise our TP by nearly 3% to VND36,600/share.</li><li>Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.</li><li>This incorporates (1) China’s reinstatement of the steel export licensing system from January 2026 after a 17-year suspension, which we view as a meaningful policy shift to curb exports and reduce trade friction, and (2) Vietnam’s newly imposed tariff on Chinese wide-width HRC imports, effective from mid-April 2026. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We reiterate our BUY rating on HPG and raise our TP by nearly 3% to VND36,600/share.Our higher TP is driven by 1%/3%/4%/5%/6% increases in our 2026/27/28/29/30F NPAT-MI forecasts, mainly reflecting 0%/2%/3%/4%/5% higher steel NPAT-MI.This incorporates (1) China’s reinstatement of the steel export licensing system from January 2026 after a 17-year suspension, which we view as a meaningful policy shift to curb exports and reduce trade friction, and (2) Vietnam’s newly imposed tariff on Chinese wide-width HRC imports, effective from mid-April 2026. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPG [BUY +32.5%] - Vietnam’s Steel Champion Thriving on Local, Global Tailwinds

Hoa Phat Group

HPG [BUY +32.5%] - Vietnam’s Steel Champion Thriving on Local, Global Tailwinds